Manangement.

• Entrepreneur


  Individual who identifies opportunities, takes risks, & organises resources to create & operate a business venture in order to achieve profit or other objectives
• Entrepreneurship


  The process of establishing a business - from the identification of a business opportunity & innovation through to planning, start-up, managing & growing the business
• Not everyone who starts a new business is actually an entrepreneur
• Some might be enterprising, but a true entrepreneur habitually creates & innovates to build & develop something of recognisable value
• Not all (SMMEs) achieve something new or different, nor do all grow & become successful
• Although small businesses create wealth & add value to the economy, not all SMMEs are entrepreneurial
• Characteristics of an entrepreneur

  • Start their own business
  • Manage the business
  • Identify new products or opportunities
  • Seize opportunities
  • Create & innovate
  • Organise & control resources of capital, labour & materials to realise profit
  • Have the ability & insight to market, produce & finance a service or product
  • Have the financial means, or access to finance, to realise the business
  • Are willing to take calculated risks
• The relationship between entrepreneurship, a small business enterprise & small business management Aspect Explanation Entrepreneurship & Small Business Enterprise Entrepreneurship drives the creation & establishment of small business enterprises by identifying opportunities & mobilising resources. Entrepreneurship & Small Business Management Entrepreneurial mindset influences how small businesses are managed, emphasising innovation, adaptability, & opportunity pursuit.
• • If an entrepreneur becomes comfortable & satisfied with the level of growth of the enterprise, they stop being an entrepreneur & become a small business manager. Examples of a small business manager who is not an entrepreneur are:
• Lifestyle business


  A business such as a bed & breakfast guesthouse that does not generate sufficient income to cover all living expenses
• No-growth, 'single-premise' business


  A boutique in a shopping mall
• Inherited business


  A child who inherits a parent's farm & continues farming without expanding or improving it
• Manager


  A person appointed by the owner of a small business to manage the business
• A person who manages an existing business or franchise such as a Trellidor franchise without ensuring growth
• A person who works full- or part-time in a lifestyle business
• A person satisfied with a no-growth, 'single-premise' business
• A person who inherits a business & runs it in the same way as their predecessor
• A person appointed by the owner of a small business as the manager
• Small business manager


  • Responsibility
  • Practical Example
• Planning, Organising, Leading, & Controlling

  1. Plans the menu

  2. Organises staff schedules & kitchen operations

  3. Leads the team during busy shifts

  4. Monitors performance metrics such as customer satisfaction ratings, food costs, & revenue to ensure business success
• Organise the Efficient Performance of Tasks


  1. Organises project workflows

  2. Assigns tasks to designers based on their skills & availability

  3. Sets deadlines for project completion

  4. Implements project management software to track progress & ensure efficient task performance
• Ensure Interpersonal & Inter-group Competence

  1. Fosters a positive work environment by promoting teamwork & collaboration among staff members

  2. Mediates conflicts that arise between employees

  3. Conducts regular team-building activities to enhance interpersonal relationships & cohesion within the team
• Facilitate Formal Communication During Meetings

  1. Schedules weekly team meetings to discuss ongoing projects, client updates, & upcoming deadlines

  2. Facilitates open communication

  3. Encourages team members to share ideas & concerns

  4. Ensures that everyone is aligned with the agency's goals & objectives
• Compile & Implementing Policies & Procedures

  1. Develops & implements policies & procedures related to guest check-in/check-out processes, room cleaning protocols, staff dress code, & customer service standards

  2. Ensures that all staff members are trained on these policies & procedures

  3. Monitors compliance to maintain high-quality service delivery
• Characteristics of SMMEs


  Flexibility, limited resources, innovative, local focus, vulnerable to economic changes
• Small Enterprise


  Fewer than 50 employees, low annual turnover, family-owned or privately held
• Micro Enterprise


  Fewer than 10 employees, very low annual turnover, sole proprietorship or small family-owned business
• Medium Enterprise


  50-200 employees, higher annual turnover, established management structures
• SMMEs


  Small, Medium, and Micro Enterprises
• Entrepreneurship


  • Involves starting a new venture or business independently
• Intrapreneurship


  • Occurs within an existing organisation, leveraging its resources & support
• Risk & Resources (Entrepreneurship)


  • Entrepreneurs bear full risk, often with limited resources & must acquire funding independently
• Risk & Resources (Intrapreneurship)


  • Intrapreneurs operate within the safety net of the organisation, with access to existing resources & support
• Scope of Impact (Entrepreneurship)

  • Can create entirely new markets, disrupt industries, & have a broad impact on the economy & society
• Scope of Impact (Intrapreneurship)

  • Focuses on driving innovation & growth within the context of the organisation, impacting its performance
• Motivation & Incentives (Entrepreneurship)

  • Driven by autonomy, independence, potential financial rewards, personal fulfillment, & pursuing passion
• Motivation & Incentives (Intrapreneurship)


  • Motivated by making a difference within the organisation, career advancement, recognition, & meaningful projects